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#SMEs

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Personal #tradeXpresso thread: Today is a special day, as it’s been more than 10 years since I’m doing my current job. Before turning a professional page, it’s time to look back at the difference the #ChiefEconomist team and I made in @Trade_EU. At least 10 things came to mind:

THREAD: The Eurogroup and EU's finance ministers agreed to a #COVID19 emergency rescue package that contains four main components. Here's what the package does...

1⃣The European Investment Bank (@EIB) gets an additional €25 billion to establish a pan-European guarantee fund, aimed at using leverage to support €200 billion of financing for EU companies, particularly small and medium enterprises (#SMEs).

2⃣...calls upon the European Stability Mechanism (#ESM) to make up to 2% of a member state's GDP (in total up to roughly €240 billion) available in pandemic crisis support.

I just find these realisations and pennies dropping extraordinarily tragic. This man didn’t think about his business when he voted leave. It just shows that people were truly taken in by the cherry picking arguments from leave. #brexit /Thread

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They were made to believe they could have everything, that nothing would change, that we could still continue enjoying the full effects on business of the SM and CU and FOM whilst not having to accept the costs or reciprocal responsibilities of the four freedoms.

In truth the government will have to try and mitigate the effects on thousands of businesses but I can’t see how they can do that without slashing standards and regulations and the regulations won’t be what you think, they will be those related to workers rights etc.

One of my clients is into a small business. What does he do? He assembles white boards, green boards, notice boards of all shapes and sizes. He is an Odia person who has the heart in all the right places and a willingness to work.

Earlier, he used to make and market his products locally and employed about 10 people. He faced issues in marketing and enabling transporters to pick up his materials. As his mfg. unit was based in the vicinity of a residential colony, there was lot of issues for vehicles.

The 8th @NASSNigeria's Bill to repeal and re-enact the Companies and Allied Matters Act (#CAMA) has been transmitted to @NGRPresident@MBuhari for his assent. This Bill is a major milestone that will signify Nigeria’s readiness for a modern business environment.

The #CAMA, which was initiated as one of the 8th @NASSNigeria’s economic priority Bills, will not only promote the #EaseOfDoingBusiness in Nigeria, it will also give new life to our #SMEs that provide about 84% of the available jobs across the nation.

I congratulate my colleagues in the 8th @NASSNigeria for this significant milestone. Hopefully, @NGRPresident@MBuhari will sign #CAMA into law in order to promote greater investor confidence and demonstrate that Nigeria is ready to compete economically with the rest of the world

Not sure if the WA will be passed? EU’s Contingency Action Plan from earlier this week details how the EU is preparing for #NoDealBrexit. Covers unilateral contingency measures to be adopted in the next months. /1ec.europa.eu/info/sites/inf…

They will not replicate benefits of EU membership, will be temporary (ending in 2019) and can be revoked unilaterally by the EU. Also, will not remedy delays that could have been avoided by timely action taken by the relevant stakeholders (states and businesses) /2

Strong focus on the fact that contingency measures should not put EU companies at a disadvantage compared to UK competitors and should not compensate companies that have not taken the necessary steps to prepare (while their competitors have) /3

Problem is the limited take-up particularly among private sector – reasons include lack of knowledge (of how to use and of benefits), lack of standardisation (in what BIM means and in proprietary programmes used, although moving towards #Revit – barrier for SMES)